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Prepare a correct balance sheet

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Betty Harris is the bookkeeper for Cullumber Company. Betty has been trying to determine the correct balance sheet for Cullumber Company, shown as follows.

CULLUMBER COMPANY
Balance Sheet
December 31, 2022
Assets
Liabilities

Cash $15,000

Accounts payable $22,275

Supplies $8,000

Accounts receivable (6,895)

Equipment $46,000

Owner's capital $66,620

Owner's drawings $13,000

Total liabilities and owner's equity $82,000

Total assets $82,000

Problem 1: Prepare a correct balance sheet.

Reference no: EM132994680

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